Instructions $-$ Luxury Spas, Inc. started their business on May $1,2020.$ For each transactions explained in column $"$K$"$:

$1)$ Record the journal entry $($utilize the "Chart of Accounts" below$)$

$2)$ Transfer Journal Entry to T$-$accounts.

$3)$ Create the trial balance as of May $31,2020.$

$4)$ Create the income statement for the month$-$ended May $31,2020.$

$5)$ Create the balance sheet as of May $31,2020.$

Transactions:

a$)$ On May $1,2020,$ Luxury Spas, Inc. signed a promissory note with Wells Fargo for a $$50,000$ loan to help finance operations for the year. The full balance is due in five years.

b$)$ On May $4,2020,$ Luxury Spas purchased and received five new massage tables on account from Spa Supplies, LLC for $$250$ each. The balance owed to Spa Supplies, LLC for the purchase is due June $1,2020.$

c$)$ On May $12,$ Luxury Spas provided $$5,000$ of spa services to customers on account. Payment is due on May $20$th$.$

d$)$ On May $20,$ Luxury Spas received cash payments from their customers for the $$5,000$ of spa services that Luxury Spas provided on May $12$th$.$

e$)$ On May $25,$ Luxury Spas provided spa services of $$7,000$ to customers for a weekend event. The customers paid cash for the services on the day of the event.

f$)$ On May $31,$ Luxury Spas contracted with a local advertising agency to provide marketing services to Luxury Spas throughout the month of June, $2020.$ Luxury Spas paid $$10,000$ for the services on May $31,2020.$

g$)$ On May $31,$ Luxury Spas massage therapists are due their wages for their work throughout the month of May. Total wages owed to their workers is $$8,400.$ Actual payment will be made on June $5$th since the payroll company needs time to process payroll.